Debt Financing,Government Subsidies And Corporate R&D Investment

In the era of knowledge economy,innovation is the most important point of improvement in the quality and level of supply.The continuous improvement of innovation ability provides a powerful driving force for the high-quality development of social economy.The competition among modern enterprises has mainly shifted to technological innovation.Compared with traditional enterprises,strategic emerging enterprises are more knowledge-intensive.In order to maintain their leading advantages in the increasingly fierce competition,enterprises gradually realize that continuous innovation activities are the key to maintaining core competitiveness and maintaining healthy development of enterprises.Elements.However,the strategic demand for R&D investment by emerging companies is more urgent,and they also face stronger technology spillovers and financing constraints.The development of any industry is inseparable from capital.Government subsidies and debt financing are the external resources of enterprises,and they are an important replenishment for enterprise R&D investment.The injection of government subsidies directly enriches the company's financial resources,shortens the gap between inputs and outputs,and can compensate for the losses caused by technology spillovers.At the same time,in the process of continuous operation,liabilities are closely related to financing constraints.As an important external source of funds,liabilities can provide sufficient capital operation conditions for enterprises to maintain the continuous development of innovation activities and enhance the R&D investment of enterprises.Therefore,based on the information asymmetry theory,principal-agent theory,technological innovation theory and enterprise resource concept theory,this paper continues to study the relationship between debt financing and enterprise R&D investment based on the existing literature,and from the two aspects of total debt level and term structure.Deep research.In addition,the influencing factors of government subsidies have empirically studied the relationship between debt financing,government subsidies and corporate R&D investment,and further examined the differential impact of government subsidies for enterprises with different property rights.Based on the list of China Strategic Emerging Industry Composite Index stocks published in the Shanghai Stock Exchange,this paper selects the data of strategicemerging enterprises from 2014 to 2017.Firstly,the debt financing is divided into two levels: total level and term structure.Researched its role in corporate R&D investment.On this basis,the factors affecting government subsidies are added to verify the regulatory effect of government subsidies on debt financing and corporate R&D investment.The empirical results show that:(1)The total debt financing level is significantly positively correlated with the strategic emerging enterprise R&D investment,that is,the higher the total debt financing level,the higher the R&D investment intensity;(2)the long-term liabilities and strategic emerging enterprise R&D investment.Irrelevant,short-term liabilities are significantly positively correlated with strategic emerging R&D investment.Short-term liabilities can promote corporate R&D investment but long-term borrowing cannot;(3)government subsidies are significantly positively correlated with strategic emerging R&D investment,and government subsidies can be obtained by enterprises.Enrich R&D investment capital and promote its innovative investment activities;(4)Government subsidies positively adjust the relationship between the total debt level and the strategic emerging enterprise R&D investment,and government subsidies can enhance the overall level of debt to promote R&D investment activities.(5)Government subsidies are positively adjusting the positive correlation between short-term liabilities and strategic emerging enterprise R&D inputs,and the positive adjustment effect on long-term liabilities is more obvious.Government subsidies to convey "good" news to the outside world can enhance the promotion of long-term and short-term liabilities to corporate R&D investment,and can overcome the disadvantages of long-term borrowing and provide long-term and reliable sources of funding for innovation activities.Therefore,while increasing the subsidies for strategic emerging industries,the government needs to consider its impact on corporate debt and innovation investment,thereby improving the effectiveness of government subsidies,promoting the improvement of financial market mechanisms,and maximizing the provision of enterprises.Benefit funds,encourage enterprises to carry out innovation activities,cultivate the core competitiveness of enterprises,and provide guarantee for the sustainable development of enterprises.